Telehealth Market Trends, Insights and Size Analysis Application (Cardiology, Radiology, Primary Care, Neurophysiology), By Component (Hardware, Software and Services), End User (Hospitals and Clinics, Diagnostic Centers, Home Care), Mode of Delivery (Web/Cloud-Based and On-Premise), Global Forecast till 2024
Telehealth Market Scope
Telehealth market can procure a strong growth rate of 22.74% from2016 to 2024 (analysis period), says MRFR (Market Research Future). It is also anticipated that the market size can reach USD 16,173.8 Million by 2024.
Telehealth solutions and products are extensively used by those unable to have access to medical facilities, thereby generating immense demand among health care providers and patients in remote locations. Telehealth in healthcare facilitates effective communication and coordination between the team members, which is responsible for its strong demand in the market. Technological advances in telehealth services and solutions also push the demand, with manufacturers focusing more on launching user-friendly and advanced systems. Increased smartphone and internet use, growing population of tech-savvy consumers and the prevalence of IoT and digitization will also benefit the telehealth industry in subsequent years.
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A number of medical device firms and telehealth manufacturers are taking up collaboration as their strategy to foster business on a higher scale. Leading firms are also focused on acquisitions and mergers to capture a bigger portion of the global industry. These collaborations and acquisitions and other competitive strategies being employed by the players to boost the market growth in the coming years. To cite a reference, in February 2021, Medivolve acquired Karland Health, allowing its subsidiary, Collection Sites, to bolster its service range beyond COVID-19 testing by adding telehealth as well as remote patient monitoring services.
Telehealth Market Segmentation
The key segments highlighted in the telehealth market study include component, mode of delivery, application, and end user.
The telehealth market, with respect to component, caters to services, hardware and software. The services segment remains in the lead on account of the surge in companies’ efforts in terms of technical advances, while the software segment can procure the fastest expansion rate owing to the significant adoption rate observed by telehealth software in healthcare.
The various modes of delivery considered in the report are web/cloud-based as well as on-premise. Web/cloud-based mode of delivery is the top segment in the market, whereas on-premise delivery mode can project the fastest telehealth market growth over the following years.
Application of telehealth is predominantly in cardiology, radiology, neurophysiology, primary care, and more. The radiology segment owns the biggest share, given the spike in the deployment of the telehealth technology within the radiology field. The cardiology segment can advance at the fastest pace, in view of the drastic increase in cardiovascular conditions across the world.
End users in the telehealth market include home care, diagnostic clinics, hospitals and clinics, and others. Hospitals and clinics form the leading segment as they are increasingly adopting the telehealth technology, while diagnostic clinics could be the fastest growing segment, as these are deploying telehealth services at a fast rate.
Telehealth Market Regional Analysis
Telehealth market has been regionally distributed into Asia Pacific/APAC, Europe, MEA/Middle East & Africa and the Americas.
The Americas is on track to achieve the lead in the global telehealth market, thanks to the increased focus of top firms in the US on the adoption-based approach in terms of telehealth services. Surging preference for e-visits, telemedicine and online consultations, coupled with the availability of supportive insurance policies can also push the market size in the years to come. Some of the latest technologies including chatbots, telemedicine and robots are increasingly being used in healthcare, for information collection, treatment of the voluminous patient pool and also for detecting and developing potential vaccines, which is anticipated to be a huge growth rendering factor in the following years.
Asia Pacific has been making significant progress and can even procure the fastest CAGR over the analysis period, largely given the expanding geriatric population prone to a number of diseases and the need to address issues arising from the dearth in skilled healthcare personnel. Unmet medical needs, especially in rural locations could open growth avenues for the APAC telehealth market in the upcoming period. Overcrowding in hospitals, in addition to shortage of necessary medical devices and hospital beds can lead to higher demand for telehealth in the coming years. Also, the rapidly escalating cases of heart disease, stroke, cancer, depression, arthritis, type 2 diabetes and obesity across the region should give the regional telehealth market a significant boost in the near future.
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Telehealth Market Leading Companies
Some of the top firms in the global telehealth market include Honeywell International Inc. (US), Siemens (Germany), Right Health (Canada), Care Innovations LLC (US), Dialogue (Canada), InTouch Technologies Inc. (US), GlobalMed (US), Boston Scientific Corporation (US), Cerner Corporation (US), Philips Healthcare (Netherlands), AMD Global Telemedicine Inc. (US), American Well (US), Maple (Canada), Cisco Systems Inc. (US), Livecare Health (Canada), Allscripts Healthcare Solutions (US), Medtronic PLC (Ireland), to mention a few.
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